Fourth District Update December 2019

El Cajon Apartments, Desert Hot Springs (Developer - Riverside Housing Development Corporation):  3 unit multi-family acquisition, rehabilitation, rental  Board approved HOME Loan agreement for $288,373.00 (Community Housing Development Organization set-aside) on March 20, 2018.  Construction is 99% complete, finishing improvements to the trash enclosure and one final unit to lease up. Villa Hermosa Phase III (Fred Young), Indio, (Developer- The Coachella Valley Housing Coalition):  On 6/25/19, the Board of Supervisors approved a Resolution in support of the developer’s tax credit application and request for $1,000,000 in HOME funds and $1,500,000 in former RDA funds.  Developer did not receive a tax credit award, they will be resubmitting a new application for the project first quarter in 2020. 6 th and Cesar Chavez St Project, Coachella, (Developer- Chelsea Investment Co.):  108 unit multi-family housing for low income families.  Developer applied and received Affordable Housing and Sustainable Communities (AHSC) funding from the State.  Developer has applied for $1,000,000 in County HOME funds.  Housing Authority of the County of Riverside (HACR) awarded the project 8 Project Based Vouchers based on the project being awarded AHSC funding on the basis that it secured funding thru an existing competitive process.  Staff has prepared an Environmental Assessment and Request for Release of Funds for the $1,000,000 in HOME funds and 8 Project Based Vouchers for Board for consideration November 5, 2019.  Developer applied for 4% tax credits November 2019. If awarded tax credits construction will commence 2 nd quarter of 2020. Paseo De Los Heroes III, Community of Mecca (Developer – The Coachella Valley Housing Coalition):  81 unit multi-family housing for farm workers  Construction completion 88%.  Anticipated completion date is December 2019.  Project completed but have not received Certificate of Occupancy. ARC Village, Palm Desert (Developer – Allied Affordable Housing)  The project includes new construction of a 36 unit special needs housing development. Project will consist of 6- two story buildings with 4 units per building, 3- one story buildings with 2-3 units per building on 1.83 acres.  Developer was awarded 7 additional Project-Based Vouchers from the Housing Authority to provide rental subsidies to qualified tenants.  Developer applied for funding to the Multifamily Housing Program (MHP) in August 2019, based on the self-score the project might not receive an award, the State is scheduled to issue awards in December 2019. Staff will work with Developer on next steps should the project not receive an award of MHP funds. Veterans Village, Cathedral City (Developer –Urban Housing Communities)  60 unit multi-family veteran housing  City entered into a Development and Disposition Agreement (DDA) with the developer for the land and provided a $1,500,000 loan for the development of the project.  Developer submitted a funding application seeking $1,500,000 in HOME funding and staff has reviewed the application and will be recommending to the Board on December 7, 2019 for approval of a funding resolution for the County’s contribution to the project, The funding resolution is needed so that the Developer can apply for Tax Credits and VHHP funding to the State.

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